This is a summary of the annual reports for the University of Pennsylvania
Plans named above for the Plan Years beginning July 1, 1997 and ending June
30, 1998. These Plans are sponsored by the Trustees of the University of
Pennsylvania, whose Federal employer identification number is 23-1352685.
The annual reports have been filed with the Internal Revenue Service as
required under the Employee Retirement Income Security Act of 1974 (ERISA).

It is also required under the terms of the Employee Retirement Income
Security Act of 1974 that these Summary Annual Reports be furnished to Plan
participants. To facilitate publication, the reports for the Plan year ended
June 30, 1998 have been combined. Consequently, portions of this summary
may refer to the Plans in which you are not currently participating.

Faculty & Staff Scholarship

The Trustees of the University of Pennsylvania maintain a Plan providing
scholarships to full time faculty and staff. The University provides these
benefits in accordance with the terms of the Plan.

Position Discontinuation and Staff Transition Plan

The Trustees of the University of Pennsylvania maintain a Plan to provide
transitional support and to facilitate economic adjustment to eligible staff
members whose employment is terminated involuntarily without fault. The
University provides these benefits in accordance with the terms of the Plan.

Long-Term Disability Plan for University Personnel

The Trustees of the University of Pennsylvania maintain a Plan providing
long-term disability benefits for eligible employees. The University provides
these benefits in accordance with the terms of the Plan.

Pretax Health Care Expense Account

The Trustees of the University of Pennsylvania maintain a Plan providing
reimbursement of health care expenses funded through salary reduction agreements
for eligible faculty and staff. The University provides these benefits in
accordance with the terms of the Plan.

Pennsylvania Annuity Plan-Basic Financial Statement

Funds contributed to the Plan are allocated toward the purchase of individual
annuity contracts issued by the Equitable Life Assurance Society of the
United States. Total premiums for the Plan year ending June 30, 1998 were
$64,380.

Faculty Income Allowance Plan

The Trustees of the University of Pennsylvania maintain a Plan providing
for early retirement benefits for eligible faculty members. The University
provides these benefits in accordance with the terms of the Plan.

Your Rights to Additional Information About These Plans

You have the right to receive a copy of the full annual report of any
of these Plans, or any part thereof, on request.

To obtain a copy of the full annual report(s), or any part thereof, write
or call the office of the Vice President of Human Resources who is the Plan
Administrator, Room 538A, 3401 Walnut Street, Philadelphia, PA 19104, (215)
898-6884. The charge for each full annual report is $2.50, and the charge
for any single page is 25 cents.

In addition, you have the legally protected right to examine the annual
reports at the University of Pennsylvania, Benefits Office, Room 527A, 3401
Walnut Street, Philadelphia, PA 19104. You also have the right to examine
the annual reports at the U.S. Department of Labor in Washington, D.C.,
or obtain a copy from the U.S. Department of Labor upon payment of copying
costs. Requests to the Department of Labor should be addressed to Public
Disclosure Room, N5638, Pension and Welfare Benefit Programs, Department
of Labor, 200 Constitution Avenue NW, Washington, D.C. 20210.